Trade Forex Trading

MT4 Candles Charts

A XAUUSD Trading chart is a graphical representation of price movement of a xauusd instrument over a given period of time.

Drawn on a grid & the user is at liberty to select which xauusd chart timeframe they want to trade with. Trader might choose to use hourly charts, daily charts or even 1 minutes chart time-frames.

To draw charts, Three methods are used. Techniques used to draw the charts defines the type of chart.

The three types of charts are: - Candlesticks Charts - Bar Charts - Line Charts

  1. Line charts
  2. Bar charts
  3. Candles charts - Most popular

MetaTrader 4 Line Charts

A single line is drawn from one closing price to the next, forming a continuous line.

This type of chart provides very little information on chart and is therefore not very popular among traders. In fact this type of chart is rarely used by traders.

Line Chart in Gold - This type of chart leaves out important information about price movement. Information such as opening, high & low point of the price which are not represented on the graph.

This makes this type of xauusd line chart to be considered sketchy by technical analysts.

The chart below displays an example of a xauusd line chart.

XAUUSD Candle Charts, Line Charts and Bar Charts Chart Types - Drawing Candles Charts in Software

MetaTrader 4 Bar Charts

Gold Trading Bar Charts - This type of chart shows the opening, closing, the high and the low, for a particular price interval & is represented by bars that look like the ones drawn below - hence its name bar charts

  • Bar Charts - bar chart has a vertical bar showing the total price movement.
  • Left horizontal bar the opening
  • Right horizontal bar the closing
  • High & low denoted by the highest and lowest point

However, these xauusd bar charts are not very easy to work with, especially when they aren't magnified. It becomes very hard to interpret the bar charts with ease when trading the market thus making them not very popular among traders.

Bar Charts in XAUUSD - MT4 Candle Charts - How to Draw Candlestick Charts in Platform Tutorial Explained

MetaTrader 4 Bar Charts in XAUUSD - MetaTrader 4 Candlesticks Charts - Drawing Candle on Platform

A Bar chart that is not magnified makes it hard to view the opening and closing price as illustrated by this example:

Bar Charts in Gold

Broker

MT4 Candles Charts

Candlesticks Charts - This is the most widely used type of charts, they resemble candle-sticks, thus their name - candlesticks charts.

Candles charts portrays the opening, closing, the high and low of a particular price interval.

The range between the open price & the close price is called the body of the candle-stick.

XAUUSD candles charts is most popular type of charts among online traders because it is the easiest to analyze when trading the trading market. XAUUSD Trading candle charts also gives a lot of data about the price movement. This makes candles charts the most widely used type of charting in XAUUSD.

MT4 Candlestick Charts - MT4 Candlestick Charts - Drawing Candlesticks Charts on Platform

Candlesticks Charts

Below is an example of candles charts. To learn and know more about candle-sticks charts, read this topic: Technical Analysis of Japanese Candle Sticks Setups in XAUUSD.

XAUUSD Candlesticks Charts, Line Charts and Bar Charts Chart Types - Read Candle Patterns

How to Select These Chart Types on MetaTrader 4 Platform

To draw any of the types of charts on the MetaTrader 4 Software a trader can use the buttons below found on this MT4 software.

Line Chart - XAUUSD Candles Charts, Line Charts and Bar Charts Chart Types - Candlestick Charts

Drawing Charts on MT4

  • To Choose a Bar Chart Click the Bar Button Key

  • To Select a Candles Chart Click the Candlestick Button

  • To Choose a Line Charts - Click the Line Button